Real estate, insurance companies must submit agents’ income data to Iras, under MOF proposal

IT MAY become compulsory for real estate and insurance companies to submit agents’ commission income data directly to the tax authority from 2024, if a proposal by the Ministry of Finance (MOF) goes through.

In a consultation paper released earlier this month, MOF proposed that it become mandatory for intermediary companies to submit self-employed persons’ (SEPs) income information directly to the Inland Revenue Authority of Singapore (Iras).

“This will facilitate the income tax assessment of SEPs, as well as the administration of schemes that cover SEPs such as the Workfare Income Supplement,” MOF said in its consultation paper, which was posted on the government feedback portal Reach.